BUSSPP 0020: Chapter 4
48 Cards in this Set
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Goods
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are physical (or tangible) and usually transportable offerings. Examples range from clothes to huge industrial machines.
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Services
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are offerings that are intangible and usually created at the same time as they are provided. Examples include a haircut, banking, legal advice, medical treatment, and transportation.
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Information
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Is an offering or structured sets of data and other material, such as magazines, newspapers, and web sites.
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Experiences
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Offerings constructed of multiple goods and services organized to create and provide a particular "feel." Examples include a Disneyland "experience" or a vacation cruise "experience."
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Events
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Offerings of specific time-based occurrences, such as a concert or a graduation ceremony, often constructed of a combination of services and goods.
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Places
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Offerings of physical locations or the location's facilities and amenities. Examples include demonstrating what a great place Lake Como is for a vacation, the advantages of locating your firm in Ireland, or shooting your movie in Pittsburgh.
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Properties
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The offerings of the rights of ownership to real (physical, but unmovable) or intellectual (creative) property. Examples include houses (real property) and patents (intellectual property).
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Persons
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The offerings of the rights to the time and activities of an individual, such as may be done by an agent representing a celebrity.
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Organizations
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Offerings of the benefits of joining a specific firm, association, or institution. Best example here is how universities and clubs present themselves to you as a great place for students.
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Ideas
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The offerings of concepts, opinions, or principles. Examples include such things as academic freedom or libertarianism.
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Supply Channels
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are an entire set of links that trace from raw material suppliers to end-users (or any part of the overall chain of links), where the end user is the actual user of the product.
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Marketing channels
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refer to the shorter set of links between potential sellers and buyers at any point in the entire supply chain.
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Communication channels
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provide information that could range from advertising to inquiries about products via the internet.
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Distribution channels
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display and deliver product
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Selling channels
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effect transactions. In the Burger King example above, selling channels may include regular walk-up, drive-through, etc.
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Relationship marketing orientation
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This orientation concerns creating, communicating, and delivering more value to our target customer over the long haul than could be obtained from a rival.
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Customer relationship marketing (CRM)
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The actual set of activities to accomplish this end.
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Marketing
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The process of planning and executing conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
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Functions of marketing
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conception, pricing, promotion, and distribution.
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Integrated goal of these functions
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The creation of exchanges that satisfy individual and organizational goals - although it isn't really obvious in this definition whether these exchanges satisfy the seller, the buyer, or both.
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Form utility
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The product has the attributes to satisfy the need.
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Place Utility
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The product is available in the place desired.
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Time utility
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The product is available at the time desired.
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Possession utility
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The product transaction is as desired
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Product line
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refers to a group of similar goods or services.
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Product extension
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Usually causes an increase in the number of products the firm sells. Example: there was only regular Coca-Cola, then a diet version, then Caffeine-Free Coke, then Caffeine-Free Diet Coke.
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Product Refinement
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Usually involves improvement in the product. Product refinement changes the product but does not increase the number of products the firm markets. Example: improving the taste of a food product or increasing the speed of a PC)
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Brand extension
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Occurs when the firm applies an existing brand identifier to a new product in a new product line.
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Product mix
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Refers to the set of all products that the firm offers for sale within a given industry.
Product mix has two dimensions: "Width" - the number of product lines "Depth" - the number of products within each line
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Marketing mix
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Refers to the overall set of decisions the firm uses to pursue its objectives. 4 P's: Product, Price, Promotion, Place.
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Product differentiation
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The process of developing the characteristics of a new product or modifying the characteristics of an existing product so that the product is perceived as unique to some segment of the market, or is perceived by that segment as having greater utility or greater value than existing product…
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Market segmentation
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Groups of buyers with similar utility profiles.
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Merchandising
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A firm's choice of what segments it targets likely affect product attributes, pricing, promotion, distribution, and store location, design and "feel."
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Competition
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Occurs when parties compete for the same dollar, but with generally non-substitutable products.
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Form competition
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Occurs when the options are substitutable in the most general sense. Example: you need transportation. Car, motorcycle, bicycle, are all substitutable in the general sense that they provide a means of transportation, but none of these producers are in the same industry.
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Industry competition
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Occurs when the options are from the same industry but not head-to-head substitutes.
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Brand competition
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a form of head-to-head competition, which occurs when options have strong brand identification.
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Price competition
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Occurs when all products are generic or otherwise substitutable.
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Niches
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Extremely narrow segments with few, if any head - to - head competitors.
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Brands
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Are names, terms, symbols, designs, or some combination of these that identify a particular product, a particular product line, a particular product mix, a particular product producer, or a particular product seller.
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Brand names
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Are brand identifiers that can be spoken, such as DKNY.
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Brand marks
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Are brand identifiers that are distinctive symbols or designs. Nike "swoosh."
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Trade name
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The complete and legal name of the firm.
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Family brand
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when multiple products share a common identification.
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Brand equity
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Refers to the total economic value of the brand to the firm.
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First mover
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The first entrant in a new segment or the first entrant with significant product extension in an existing segment.
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Fast second movers
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Followers poised to enter quickly if first movers seem to have a "hit."
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Slow second movers
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enter after market characteristics are well understood.
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BUSSPP 0020: Quiz 2